Kenneth Research recently added a report on ‘Respiratory Devices Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Respiratory Devices Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Respiratory Devices Market products.
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Demand for respiratory devices has gained traction on account of rising incidences of chronic pulmonary and respiratory diseases such as lung cancer, emphysema, chronic bronchitis and sleep apnea among others. Respiratory diseases aid in the treatment, management, diagnosis and control of the abnormality in the cardiopulmonary system in patients.
Rising incidences of lung cancer is one of the key factors augmenting market growth for respiratory devices at present. According to the American Cancer Society, approximately 234,030 cases of lung cancer were reported in 2018 and approximately 154,050 cases of deaths were reported due to lung cancer in the U.S. in the same year.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Further, according to Insights and Reports, more than 9% of the population in the U.S. suffered from asthma in 2017. Further, in 2016 more than 10% of the population suffering from asthma in the country fell in the age group of 5-14 years.
Tobacco smoking is another major cause for lung cancer, which in turn gives birth to several respiratory diseases. According to Insights and Reports, more than 6 trillion cigarettes were smoked across the globe, which China being the leading country with a share of more than 40% in terms of smoking.
Moreover, steady growth of the geriatric population across the globe is another key factor pushing market growth of respiratory devices at present. However, the growth of the market is held back by low cost respiratory devices produced by the local manufacturers.
North America accounted for the major market share in 2016 and is expected to retain market dominance throughout the forecast period as well. High per capita healthcare expenditure in the U.S., coupled with well-established healthcare facilities in the country is one of the key factors pushing the growth of the market for respiratory devices.
Asia Pacific, however posed the fastest growth for the demand for respiratory devices throughout the forecast period, the growth of which is majorly attributed to the rising geriatric population and high tobacco consumption in the region.
Some of the key players operating in the field of respiratory devices market include Medtronic Plc, Masimo Corporation, Becton, Dickinson & Company, Invacare Corporation, and Hamilton Medical A.G. among others.
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